EMEA Covenants Monthly
During a year of many economic uncertainties, it was reassuring to see the usual ‘‘summer slowdown’’ of the European high-yield and loans primary market. Activity was limited to loans with a few add-ons and amend and extends, or A&Es, as expected. At Reorg, we used the summer sluggishness as an opportunity to reflect on new developments in 2023, such as the “snooze drag” technique to facilitate A&Es in leveraged loans and the drive to enhance transparency in the realm of ESG. In our continuing 101 education series, we explained the basics of a liability management exercise, or LME, and U.S. originated “lender-on-lender violence”...
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